System and method for generating exponential expansion of commerce

ABSTRACT

A system and method for turning a buyer into a prospective seller in an electronic marketplace. After the buyer enters into a binding agreement to purchase an item, the buyer is provided with an option of re-listing the purchased item for resale. The purchased item is re-listed if the buyer opts to re-list it. An ecommerce listing to sell the purchased item is automatically generated based on the previous listing. The user only needs to provide the selling price to complete the listing. The purchased item can be re-listed in the same marketplace where the item was purchased or in a different marketplace.

RELATED APPLICATION

This application is a division of application Ser. No. 13/366,625 filedFeb. 6, 2012, which is continuation of application Ser. No. 13/155,353filed Jun. 7, 2011, now U.S. Pat. No. 8,112,319, which is a continuationof application Ser. No. 11/789,666 filed Apr. 24, 2007, now U.S. Pat.No. 7,962,374, which claims priority benefit under Title 35 U.S.C.§119(e) of provisional patent application No. 60/794,793 filed Apr. 24,2006, each of which is incorporated by reference in its entirety.

FIELD OF THE INVENTION

The present invention relates to commerce generally, more specifically,the invention relates to a method and system for turning a buyer into aprospective seller and providing interfaces and modules for seamlesslyplacing items for resale and performing related actions within anecommerce site.

BACKGROUND OF THE INVENTION

Commerce—the marketing, buying, selling, and exchanging of products andservices between two or more entities—has been around since thebeginning of humankind. From its origins in local face-to-facetransactions to 21st century global ecommerce, commerce continues toevolve. As ecommerce becomes increasingly sophisticated, and marketingand transaction channels that were once clearly distinct become more andmore integrated, the distinction between offline and online commerce isdisappearing.

The ecommerce systems have attracted large numbers of users, therebygenerating large and varied product listings of both new and usedproducts. However, such ecommerce systems commonly suffer from aninability to efficiently convert buyers into prospective sellers.Typically, sellers supply descriptions and images of the products theyare selling. The task of generating ecommerce listings can becumbersome, particularly for small merchants and non-merchantindividuals.

That is, current ecommerce marketplace or sites and system supportingsuch sites and marketplaces are designed for products to be sold once toan end consumer.

These ecommerce systems are not designed to handle where the productschange hands many times over the life of the product. Typically, when anitem is sold, the listing disappears and the item is no longer availablefor sale until the buyer (i.e., prospective seller) re-lists the item inthe ecommerce site using the standard procedure of listing an item. Theprospective buyers cannot view any listing associated with a sold itemor any ownership history associated with that item. Certain ecommercesystem providers have attempted to address this problem by providingtheir buyers with access to a list of items they bought on theirecommerce site or marketplace. The buyers can select to re-list aparticular item from their purchase history list with the same ecommercesystem provider. These ecommerce systems alleviate the prospectivesellers from having to re-type the item descriptions and uploadingimages, but the prospective seller must go through the standard processof listing the item with the ecommerce system provider. That is, theecommerce system does not differentiate between a newly listed and are-listed item.

Today there are numerous multi-module e-commerce systems and providersoffering technology, methods and services to enable a buyer and sellerto transact in a multitude of ways, locally and globally, acrossmultiple online and offline channels. Even with all of thesophistication, current e-commerce systems are designed for a product tobe sold once; they have not been designed for a product to be bought andsold multiple times throughout a product's life. Current ecommercesystems suffer from an inability to efficiently, effortlessly andseamlessly transform the most recent buyer (current owner) of a productinto a seller of the product.

Typically, when an item is listed on the ecommerce site for sale, theterms of that listing are binding on the seller. That is, if the buyeragrees to the terms on the listing, the seller must sell the item to thebuyer. Similarly, if the item is listed for an auction, the seller mustsell the item to the winning or the highest bidder. Accordingly, it maybe desirable for a prospective seller to list the item to gauge interestin the marketplace for a particular item before actually listing theitem for sale. For example, the prospective seller can use suchinformation to determine the appropriate listing price when he/shedecides to list the item for sale.

Therefore, it is desirable to provide an efficient system and methodwhich seamlessly transforms the most recent buyer (current owner) of aproduct into the seller of the product, and to enable the buying andselling of a product multiple times throughout the life of the product.

SUMMARY OF THE INVENTION

The present invention overcomes aforementioned shortcomings in prior artby providing a system and method that seamlessly turns buyers intoprospective sellers.

It is therefore an object of the present invention to provide anintegrated multi-mode computer commerce system reaching across theentire online and offline spectrum of local and global commerce.

It is a further object of the present invention to provide a system andmethod that is the next dimension in the rapid evolution of commerce.

It is an additional object of the present invention to provide a systemand method that propels the resale of a product multiple timesthroughout the product's life.

In accordance with an embodiment of the present invention, the systemand method provides the buyer with an option of listing the purchaseditem for sale in the marketplace or soliciting interests or bids for thepurchased item from prospective buyers.

In accordance with an embodiment of the present invention, the systemand method as aforesaid provides such option to the buyer at the time ofthe sale, e.g., during, before or after the checkout process.

In accordance with an embodiment of the present invention, the systemand method as aforesaid maintains transaction history for each item inthe marketplace. That is, the transaction history includes at least oneof the following: owner names, owner's user identifications, owner'semail addresses, purchase dates, purchase price, method of sale, productdescription and product conditions.

In accordance with an embodiment of the present invention, the systemand method as aforesaid provides an option for a seller or a prospectiveseller to add an ecommerce listing of a purchased product using theinformation contained in the corresponding transaction history. Sinceall the information required for a listing is already in the transactionhistory, the seller or prospective seller only needs to provide theselling price to complete the listing.

In accordance with an embodiment of the present invention, the systemand method as aforesaid provides the buyer, at the time of the sale, theoption of scheduling a reminder to place the purchased item for sale.

In accordance with an embodiment of the present invention, the systemand method as aforesaid provides a prospective seller to generate anon-binding listing, i.e., a prospective listing.

In accordance with an embodiment of the present invention, a computerimplemented method for generating multiple transactions from a buy/selltransaction of a product comprises the steps of: providing an option tolist the product for resale by a buyer of the buy/sell transaction in anelectronic marketplace; and generating a new listing based oninformation relating to the buy/sell transaction if the buyer elects toresale the product, thereby enabling the product to be sold multipletimes.

In accordance with an embodiment of the present invention, a computerimplemented method of managing an electronic marketplace forfacilitating a plurality of users to purchase a product from a browsableelectronic catalog comprises the steps of: generating a prospect list ofa plurality of products interested or sought by a prospective buyer andnotifying the prospective buyer if the product on the prospect listbecomes available in any marketplace. Each product on the prospect listis identified by a product identifier, the product identifier being atleast one of the following: universal product code (UPC), brand or modelnumber.

In accordance with an embodiment of the present invention, a computerimplemented method for managing an electronic marketplace forfacilitating purchase products from a browsable electronic catalog by aplurality of users. The computer implemented method comprises the stepsof: receiving an interest or an offer to purchase from a prospectivebuyer of a product; and appending a listing associated with the productto include the interest or the offer to purchase from the prospectivebuyer.

In accordance with an embodiment of the present invention, a computerimplemented method for generating multiple transactions from a buy/selltransaction of a product comprises the steps of: receiving an option tolist the product for resale by a buyer of the buy/sell transaction in anelectronic marketplace; and receiving a new listing generated based oninformation relating to the buy/sell transaction if the buyer elects toresale the product, thereby enabling the product to be sold multipletimes.

In accordance with an embodiment of the present invention, a system forgenerating multiple transactions from a buy/sell transaction of aproduct comprises a client device, a server and a listing database. Theclient device is connected to a communications network and associatedwith a buyer. The server is connected to the communications network andmanages an electronic marketplace. The server comprises a creationmodule and a listing module. The creation module receives informationrelated to the buy/sell transaction of the product and transmitting anoption to list the product for resale to the client device associatedwith the buyer of the buy/sell transaction in the electronicmarketplace. The listing module generates a new listing based oninformation relating to the buy/sell transaction if the buyer elects toresale the product, thereby enabling the product to be sold multipletimes. The listing database stores said new listing.

In accordance with an embodiment of the present invention, a computerreadable media comprising a code for generating multiple transactionsfrom a buy/sell transaction of a product. The code comprisesinstructions for: providing an option to list the product for resale toa buyer of the buy/sell transaction in an electronic marketplace; andgenerating a new listing based on information relating to the buy/selltransaction if the buyer elects to resale the product, thereby enablingthe product to be sold multiple times.

In accordance with an embodiment of the present invention, the computerimplemented method as aforesaid further comprises the step of specifyinga minimum price for the product.

In accordance with an embodiment of the present invention, the computerimplemented method as aforesaid further comprises the step ofmaintaining a user history record comprising at least one of thefollowing: user identification, products bought, products sold, names ofcounter-parties and user identifications of said counter-parties.

Various other objects, advantages and features of the present inventionwill become readily apparent from the ensuing detailed description, andthe novel features will be particularly pointed out in the appendedclaims.

BRIEF DESCRIPTION OF THE DRAWINGS

The following detailed description, given by way of example, and notintended to limit the present invention solely thereto, will best beunderstood in conjunction with the accompanying drawings in which:

FIG. 1 is a schematic diagram of the ecommerce system in accordance withan exemplary embodiment of the present invention.

FIG. 2 is a flow chart detailing the process whereby a sold product iscaptured into the EXPCommerce System and the buyer of the product isimmediately transformed into seller/prospective seller in accordancewith an exemplary embodiment of the present invention.

FIG. 3 is a flow chart detailing the process of creating a productlisting in accordance with an exemplary embodiment of the presentinvention.

FIG. 4 is a flow chart detailing the process of creating an auction inaccordance with an exemplary embodiment of the present invention.

DETAILED DESCRIPTION OF THE EMBODIMENTS

An ecommerce system which embodies the above and other inventivefeatures will now be described in detail. As will be apparent, many ofthe disclosed features may be used without others, and may beimplemented differently than described herein and/or in combination withfeatures not disclosed herein. Although described primarily in thecontext of a website system, the various inventive features are alsoapplicable to other types of multi-user interactive systems in whichusers may browse and make purchases from an electronic listing,including but not limited to online services networks, interactivetelevision systems, in-store kiosk systems, and systems that supportbrowsing by voice.

In accordance with an embodiment of the present invention, the ecommercesystem or the EXP Commerce system comprises various computer-implementedservices through which ecommerce sellers can list products for sale andprospective sellers can re-list purchased products for resale andecommerce buyers can browse through the ecommerce listings to purchaseitems from ecommerce sellers. The ecommerce site or marketplace isgenerally controlled, maintained or administered by an ecommerceprovider or operator.

As used herein, commerce includes but is not limited to the marketing,buying, selling and exchanging of products and services or something ofeconomic value between two or more individuals, businesses, governmentsor other entities, whether wholesale, retail, business-to-business,business-to-consumer, manufacturer to end buyer (manufacturer direct),consumer to consumer, domestic, international, online or offline,multichannel, cross-channel or the like.

Turning to FIG. 1, in accordance with an embodiment of the presentinvention, the EXPCommerce System 613 (“EXPCommerce”) comprises a server615 which is connected to a communications network 600, e.g., theInternet. Server 615 comprises modules that perform the functionalityand methods of the present invention as described herein. Primarymodules include: the Creation Module 620, the Listing Module 625, theProspect Module 630, the Communications Module 635, the Website Module640, the Promotion Module 645 and the Transaction Module 650. Server 615further comprises databases which can either be integral to the serveror separately connected storage. Primary databases include the UserDatabase 655, the Product Database 660, the Listing Database 665, theProspect Database 660 and the Transaction Database 675. It isappreciated that all of these databases can be integrated into a singledatabase. Users can remotely or directly access the EXPCommerce 613through the electronic communications network 600 using Client Point ofEntry Devices 605 including but not limited to PCs, PDAs, standard webbrowsers, web-enabled handheld devices, interactive kiosks, telephones,faxes, POS systems, EDIs, and the like. An individual, business, orother entity registers with the EXPCommerce 613 to become a user. Onceregistered, the user can access, perform buy/sell transactions acting asa buyer and/or seller and use the functionality of the EXPCommerce 613as described herein.

In accordance with an embodiment of the present invention, theEXPCommerce 613 comprises the User Database 655 that stores informationabout the registered users of the EXPCommerce 613. For each registereduser, the User Database 655 stores user unique parameters including butnot limited to a user name, password, seller/buyer status, businessinformation if applicable, shipping address, contact information, e-mailaddress, payment information, bank account information, preferencesettings, and other such relevant parameters. Users include but are notlimited to buyers, sellers, prospective buyers, prospective sellers, andany other entities, whether individuals, businesses, or governments andthe like. In addition, the User Database 655 stores event historyparameters including but not limited to a user's listing, prospecting,communications, websites, promotions, transactions, feedback, payments,and other such relevant parameters.

In accordance with an embodiment of the present invention, theEXPCommerce system 613 can operate as a stand-alone electronicmarketplace or as an add-on to an existing electronic marketplace toprovide various features of the present invention as described herein.

In accordance with an embodiment of the present invention, theEXPCommerce 613 comprises a Creation Module 620. The Creation Module 620comprises web crawlers, spiders, bots and the like that search multiplethird-party online and offline transaction channels and capture andimport any sold product into the EXPCommerce 613 for the possible futurere-sale of the product. Products include but are not limited to:products, services, physical products, intangible services, digitalproducts, content, software, a combination of products and services,currencies, real estate, securities, leases, licenses, rentals,subscriptions, information, and other types of business transactions.

Online transaction channels include but are not limited to third-partybusiness to business (b2b), business to customer (b2c), and customer tocustomer (c2c) websites and shopping portals. The Creation Module 620can be electronically integrated with most shopping cart checkoutsystems of online transaction channels by methods and procedures knownto those of skill in the art. For online transaction channels that arenot electronically integrated with the EXPCommerce 613, a buyer can sendEXPCommerce 613 a form email or a copy of the transaction confirmationpage from the non-integrated electronic transaction channel. In afurther embodiment, EXPCommerce 613 further comprises a toolbar that canbe downloaded and integrated into a standard web browser. The toolbarprovides the user with the ability to capture information from atransaction confirmation page and thus facilitates entering theinformation into EXPCommerce 613. For a product purchased through anoffline transaction channel, a user (i.e., a buyer) can enter theproduct into the Creation Module 620 by accessing the EXPCommerce 613through the communications network 600 using a Client Point of EntryDevice 605.

A buyer can immediately be transformed into a seller/prospective sellerbefore, during and/or after the checkout process and an immediatelyresell a product, list a product for resale (as a binding or non-bindinglisting), receive/accept solicitations for the newly purchased item,and/or at some time in the future use the EXPCommerce 613 to relistand/or accept solicitations for the purchased item.

The Creation Module 620 queries the buyer before, during, or immediatelyafter the time of purchase, and/or multiple times in the future bypresenting a graphical user interface containing the query: “Do you wantto relist this product for possible resale now?” Typically the graphicaluser interface contains a “yes” and “no” radio box with the “yes” boxselected by default. Buyers who wish to answer “no” can uncheck the“yes” radio box and check “no”. Typically if a buyer checks “no”, thenthe Creation Module 620 will cause another graphical user interface toappear containing the query: “Is it possible that you may wish to relistthis product for possible resale at some time in the future?”

If the buyer does not register a product during the checkout, the buyercan notify the EXPCommerce 613 that he/she is ready to list thepurchased item for resale in the future. In one embodiment, theEXPCommerce 613 communicates with the buyer on a periodic basis queryingif the buyer wishes to sell the purchased product or would considerselling the purchased product in the future. In a further embodiment,the buyer can set reminders instructing the EXPCommerce 613 to contactthe buyer at a specific time such as in a year. The EXPCommerce 613 willthen query the buyer in a year as to whether the buyer wishes to createa product listing to resell the purchased product. The buyer canschedule the EXPCommerce 613 to contact the buyer at a specified orpredetermined time in the future to query whether the buyer wishes tocreate a listing to resell the purchased product. The buyer can alsoschedule the EXPCommerce 613 to contact the buyer at a specified time inthe future with a reminder to list the purchased product as a bindingand/or non-binding offer for sale.

In accordance with an embodiment of the present invention, theEXPCommerce 613 comprises a Listing Module 625 to generate a listing fora product once it is captured by the Creation Module 620. The ListingModule 625 stores and retrieves the previous listing associated with theproduct from the Listing Database 665. The EXPCommerce 613 instantly andseamlessly transforms the most recent buyer into a seller/prospectiveseller and generates a listing to list a product for resale withoutgoing through the current industry standard listing process of enteringproduct information. However, for a product being sold for the firsttime, the Listing Module 625 also has standard tools to enable a user(i.e., a seller) to generate an initial product listing.

The Listing Module 625 generates a listing for resale from the productinformation captured previously by the Creation Module 620 and stored inthe Product Database 660. The static product information captured by theCreation Module 620 typically does not change as a product is resoldmultiple times throughout its life. Static product information includesbut is not limited to: product name/title, description, manufacturer,brand, model number, UPC, product dimensions, product weight, shippingdimensions, shipping weight, product materials, packaging, warrantyinformation, author, artist, ISBN, product images, merchandisingcollateral and/or other relevant information. Although the staticinformation typically does not change, seller/prospective seller canmodify any of this static information. The EXPCommerce 613 stores anychanges and displays the changes in the product listing. For a productthat is being sold for the first time, and/or for which no product datacurrently exists within EXPCommerce 613, a user can enter the productdata using the Listing Module 625.

Variable information typically changes each time a product is listed forresale, and the variable information should be updated by theseller/prospective seller. Variable information includes, but is notlimited to, one or more of the following: pricing, condition of theproduct, terms of availability, location, shippingterms/options/limitations, and/or any other relevant information.

In accordance with an embodiment of the present invention, productlistings also contain historical transactional and ownership informationrelated to previous purchases of the product that accumulates as theproduct is sold multiple times. The EXPCommerce 613 stores and retrievesthe historical transactional and ownership information in and from theTransaction Database 675. Historical transactional information includesbut is not limited to: transaction channel, unique transaction number,transaction date, seller, buyer, communication/negotiations betweenseller and buyer, location of product, ship method, listing price,transaction price or other consideration (if different from listingprice), listing fees, commissions, product condition, condition updatenotes, returns, exchanges, product reviews and other relevantinformation. The EXPCommerce 613 updates and appends the historicaltransactional and ownership information each time a product is sold, andattaches it to the product listing each time a product is listed forresale. Historical transactional and ownership information cannot bemodified. The seller/prospective seller can select to hide thehistorical and ownership information, although hiding such informationmay discourage a potential buyer.

In a further embodiment, the EXPCommerce 613 can suggest a selling pricebased on at least one of the following: the current selling price of asame or similar product in the marketplace or other marketplaces;purchase price history of a same or similar product; and/or the productownership history for a same or similar product. In addition, during thelisting process and/or anytime thereafter, seller/prospective seller canrequest and receive information about prospective buyers, supply anddemand for the product, etc; which may influence the seller/prospectiveseller to modify a selling price or other terms of the listing.

In accordance with an embodiment of the present invention, a buyer canbe transformed into a seller and can list a product for resale in abinding manner in which the seller is obligated to sell the productaccording to the terms of the product listing specified by the seller.Alternatively, a buyer can be transformed into a prospective seller andcan create a non-binding listing, in which the prospective seller: canexplore the opportunity of selling the product but is not obligated tosell the product; and can solicit interested prospective buyers tocommunicate their interest in, inquire about, and/or submit purchaseoffers for the product. A non-binding listing can be used by aprospective seller to gauge the level of current demand for a productand influence a prospective seller to eventually decide to sell theproduct. The prospective seller can select to generate a non-bindinglisting with or without a price, and can select whether or not todisplay the price.

In accordance with an embodiment of the present invention, theEXPCommerce 613 supports fixed-price sales, auctions or both. TheListing Module 625 enables a seller to generate listings to sell aproduct via an auction. Auctions can occur within the EXPCommerce 613 oron a third-party auction platform such as but not limited to eBay®,Ubid®, Yahoo!® Auctions, Amazon Auctions®, and Overstock.comAuctions^(SM), or an offline auction, whether live-in person or viatelephone or mail or any other industry standard method of conducting anauction.

In accordance with an embodiment of the present invention, theEXPCommerce 613 comprises a Communications Module 635 which enablescommunication between registered users and between a registered user andthe EXPCommerce 613 system. The Communications Module 635 enablescommunication via email, phone, fax, EDI, xml, ftp mail, and otherindustry standard communication methods.

The seller/prospective seller can choose to initiate an auction for aproduct after a select number of prospective buyers, with or withoutqualifications, specified by the seller/prospective seller, register toparticipate in the auction for the product. The Communications Module635 notifies the seller/prospective seller when a predetermined numberof prospective buyers or bidders express an interest in bidding for theproduct and have registered to participate in the auction for theproduct. The seller/prospective seller can choose whether or not to makeknown the select number of registered prospective buyers required toinitiate the auction, as well as whether or not to make known thequalifications specified by the seller/prospective seller. TheCommunications Module 635 communicates the above-mentioned processes tothe seller/prospective seller and prospective buyer.

In accordance with an embodiment of the present invention, theEXPCommerce 613 comprises a Website Module 640 comprising one or morewebsites for creating, listing, marketing, promoting, prospecting,communicating, transacting, and performing all other functions andmethods described herein. In addition, the EXPCommerce 613 provides auser with the option to create one or more user-branded websitespointing to a domain name of their choosing, hosted by the EXPCommerce613, displaying product listings of their choosing, and performing thefunctions and methods described herein.

In accordance with an embodiment of the present invention, theEXPCommerce 613 comprises a Promotion Module 645 to place, market,promote, or advertise a product listing on various suitable platformsincluding but not limited to:

-   -   the EXPCommerce Website(s), user-branded EXPCommerce websites,        and search and paid/unpaid placement within the websites;    -   across multiple paid and/or unpaid online and offline marketing        channels selected by the seller/prospective seller including but        not limited to search engines, email marketing, affiliate        marketing, CSE sites, affiliate sites, shopping portals, viral        marketing, and other such channels in which the        buyer/prospective buyer clicks through to the EXPCommerce        Website(s), and EXPCommerce user-branded websites;    -   integrated marketing-transaction channels in which transactions        occur on the channel, such as portals like eBay, amazon.com,        overstock.com, Shop.com™ and other third-party websites;    -   brick-and-mortar store displays, interactive kiosks, POS        systems, direct mail, catalogs, print, television, telephone,        and other online, offline, and online-offline integrated        channels.

In accordance with an embodiment of the present invention, buyers canlocate listings for a particular product and buy the same productmultiple times throughout a product's life. The buyer/prospective buyercan locate product listings across marketing channels on which theseller/prospective sellers have selected to promote product listingsemploying a number of industry standard mechanisms to locate one or moreproducts of interest. To locate listings within the EXPCommerceWebsite(s), and/or the EXPCommerce user-branded websites, users canbrowse a hierarchy of product categories and associated products, entersearch terms into a search engine and obtain search results, and employa number of other conventional mechanisms to locate products ofinterest. For products listed on online channels, the buyer/prospectivebuyer typically locates and browses product listings over the Internetor other network using a standard web browser.

In accordance with an embodiment of the present invention, the EXPCommerce 613 comprises a Prospect Module 630. The Prospect Module 630stores and retrieves a prospective buyer's prospect list in the ProspectDatabase 660. The EXPCommerce 613 gives the option and ability for thebuyer/prospective buyer to create and manage a Prospect List (bindingand/or non-binding) for one or more products which the buyer/prospectivebuyer is interested in or desires to buy, whether or not the product iscurrently available or unavailable. Searching the Transactional Database675 to determine the current owner of a desired product, and using theCommunications Module 635, a prospective buyer can contact the currentproduct owner.

A product that a prospective buyer wishes to add to the prospectivebuyer's Prospect List is specified/selected using the Prospect Module630 according to a unique identifier such as UPC, brand, model, etc., orby browsing categories of products, or by specifying a range of desiredcriteria including but not limited to one or more of the following:categories, brands, models, conditions, colors, price, geographiclocation, and the like. A prospective buyer can add products to theProspect List for a multitude of reasons, including but not limited to:the product supply is too high or too low, the product has been on themarket/available for sale for an inadequate period of time; theprospective buyer is interested in the product at some time in thefuture; the demand is too high or too low; the product is not currentlyavailable for sale; the product is not available in a respectivegeographic region; shipping limitations; the seller will not sell to theprospective buyer; the prospective buyer does not wish to buy from theseller; the current product price exceeds the amount the prospectivebuyer wishes to pay; the product does not exist.

The EXPCommerce 613 can utilize a product's ownership or transactionalhistory or other means to identify the owner(s) (potential prospectivesellers) of the product, and proactively solicit the owner(s) to createa product listing for the product. The proactive solicitations can betriggered by a change in supply/demand for the product, by the additionof the product to a prospective buyer's Prospect List, or for any otherreason. In addition, the existence of a product on a Prospect List iscommunicated to all seller/prospective sellers during the creation of alisting for the product, as well as after the listing is created. Theseller/prospective seller has the option and ability to modify thelistings accordingly. The existence of a product on a prospectivebuyer's Prospect List is displayed on all listings for the product. Inaddition, the EXPCommerce 613 can solicit prospective buyers. Suchsolicitations are communicated via the Communications Module 635 and/ordisplayed when the user(s) accesses the EXPCommerce 613.

The seller/prospective seller can create one or more conditions underwhich the Communications Module 635 should notify the seller/prospectiveseller. Conditions may include but are not limited to: a specified orpredetermined change in supply or demand of the product or any otherspecified product; when/if the product has been on the market/availablefor sale for a specified period of time; when a prospective buyerspecifies to be notified now or at some time in the future regarding theseller/prospective seller's product; the qualifications of theprospective buyer, including the feedback rating, geographic location,or transactional history.

A prospective buyer can specify certain conditions and select whether tobe notified when one or more specified conditions are met. Conditionsthat can be specified include but are not limited to: a specified changein the product supply/demand; the product has been on themarket/available for sale for a specified or predetermined period oftime; a specified future date arrives; a specified or predeterminedchange in the product availability with respect to a geographic region;a specified change in a shipping limitation; a seller who would not sellto the prospective buyer is now willing to sell; a specified/unspecifiedadditional seller(s) is/are now selling the product; a specified orpredetermined change in the product price; the product that did notexist now exists.

The Communications Module 635 enables the buyer/prospective buyer tocommunicate with the seller/prospective seller and send offers. TheCommunications Module 635 notifies the seller/prospective seller ofoffers from the prospective buyers that equal or exceed a predeterminedamount specified by the seller/prospective seller, or an offerregardless of the amount of the offer. The predetermined amountspecified by the seller/prospective seller may or may not be madeavailable to the buyer/prospective buyer. The buyer/prospective buyercan send and the seller/prospective seller can receive notificationsexpressing an interest in or requesting additional information about aproduct, such as a condition update.

The EXPCommerce 613 enables a buyer to specify a desired purchase priceand/or other criteria (condition, location, seller criteria) for aselected product on a Prospect List, and to automatically transact onbehalf of the buyer/prospective buyer to buy the product when theproduct is available for sale and meets the specified criteria.

In the case where there is a seller who creates a product listing withthe intent to sell the product (most frequently when the product's valuedepreciates over time, although not always), a prospective buyer(buyer1), and a subsequent prospective buyer (buyer2) who may buy theproduct from buyer1 after buyer1 takes ownership of and wishes to resellthe product in the future (perhaps buyer2 cannot afford to buy theproduct at its current selling price or does not need the product nowbut may need the product in the future or does not like the currentseller): for buyer2 to commit (binding) or express interest(non-binding) to being a future buyer of the product before buyer1 buysthe product, to register buyer2's commitment or interest, to displaybuyer2's commitment or interest as part of the product listing, and tocommunicate buyer2's commitment or interest to buyer1 prior to buyer1'spurchase of the product. Such commitment or interest can increase thevalue of the product and/or encourage buyer1 to buy the product becausebuyer1 knows that the product can/may subsequently be resold to buyer2.

In accordance with an embodiment of the present invention, theEXPCommerce 613 comprises a Transaction Module 650 to enable the buyingand selling of a product through the EXPCommerce Website(s), theuser-branded EXPCommerce websites, and across multiple other third-partyonline and offline transaction channels. The Transaction Module 650contains a settlement system that integrates with third-party paymentprocessing systems such as PayPa®, Google Checkout^(SM), Western Union®,credit card gateways and other systems to process credit or debit cardpayments, electronic checks, wire transfers, bank account transactionsand the like.

When a buyer purchases a product in accordance with the presentinvention, the Transaction Module 650 can use pre-specified shipping andpayment information to expedite the completion of the transaction. TheTransaction Module 650 prompts the buyer to confirm the shipping addressand payment method retrieved from the User Database 655 or to enter newor correct information. In addition, the Transaction Module 650 alsoprocesses returns and credits, and has the functionality to applycoupons and discounts in a variety of fashions, and other industrystandard transaction processes.

The Communications Module 635 transmits purchase orders and purchaseconfirmations to sellers. Sellers return confirmation of receipt andship confirmations. The Communications Module 635 transmits purchaseconfirmations and ship confirmations to buyers. A purchase confirmation,preferably including shipping tracking information, is typicallytransmitted by email to the buyer. In addition, the CommunicationsModule 635 notifies users of initiated, processed and completed returns,credits, payment notifications and the like.

In accordance with an embodiment of the present invention, theEXPCommerce 613 comprises a feedback system giving the option andability for users to post feedback about other users with whom they havetransacted. The feedback postings are stored in and retrieved from theUser Database 655. Feedback for a user can be found in the user'sprofile. Feedback for a seller/prospective seller is displayed on eachproduct listing created by the seller/prospective seller. Through theListing Module 625 and Prospect Module 630, a user can set conditionsbased on feedback of other users, such as whether or not the user wishesto transact with another user.

FIG. 2 is a flow chart detailing the process whereby a recently soldproduct is captured into the EXPCommerce 613 and the buyer of theproduct is instantly transformed into a seller/prospective seller inaccordance with an exemplary embodiment of the present invention.

The buyer can immediately be transformed into a seller/prospectiveseller before, during and/or after the checkout process and canimmediately list the product for re-sale (binding or non-binding). TheCreation Module 620 of the EXPCommerce 613 first queries theseller/prospective seller (who is now transformed from the buyer to theseller/prospective seller) at step 1010. Step 1010 can occur before,during, or immediately after the time of purchase of a product, and/ormultiple times in the future thereafter. Typically the Creation Module620 will display the query in a graphical user interface. At step 1010,the Creation Module 620 displays a first query to the seller/prospectiveseller: “Do you want to relist this product for possible resale now?” Ifthe Creation Module 620 receives an affirmative answer to the query ofstep 1010, the Creation Module 620 invokes the Listing Module 625 atstep 1020 (see FIG. 3). If the Creation Module 620 receives a negativeanswer to the query of step 1010, the Creation Module 620 displays asecond query to the seller/prospective seller at step 1030: “Is itpossible that you may wish to relist this product for possible resale atsome time in the future?” If the Creation Module 620 receives a negativeresponse to the query of step 1030, the Creation Module 620 displays athird query to the seller/prospective seller at step 1040: “Would youlike us to ask you again in the future if it is possible you will wantto sell this product at some time in the future?” If the Creation Module620 receives a negative response to the query of step 1040, the CreationModule 620 ends the queries (step 1045). If the Creation Module 620receives an affirmative response to the query of step 1040, or if theCreation Module 620 receives an affirmative response to the inquiry ofstep 1030, the Creation Module 620 displays a fourth inquiry at step1050: “When would you like to be asked again about possibly selling thisproduct?” If the Creation Module 620 does not receive a date from theseller/prospective seller, the Creation Module 620 then ends thequeries. If the Creation Module 620 receives a date entered by theseller/prospective seller, the Creation Module 620 records the selecteddate on which to contact the seller/prospective seller to ask theseller/prospective seller again about possibly selling the product atstep 1060. The Creation Module 620 then displays a fifth query on theselected date at step 1070: “Do you want to relist this product forpossible sale now?” and the process returns to step 1010.

FIG. 3 is a flow chart detailing the process of generating a productlisting in accordance with an exemplary embodiment of the presentinvention When the seller/prospective seller is ready to generate theproduct listing, EXPCommerce 613 enables the seller/prospective sellerto do so without going through the current industry standard listingprocess of entering all of the product information.

Listing is created from the product information which was capturedpreviously from previous sale(s) and stored in the Product Database 670,and which typically does not change as a product is resold multipletimes throughout its life. Static product information can include but isnot limited to: product name, description, manufacturer, brand, modelnumber, UPC, product dimensions, product weight, shipping dimensions,shipping weight, product materials, packaging, warranty information,author, artist, ISBN, product images, merchandising collateral and/orother relevant information. Although the static information typicallydoes not change, the seller/prospective seller is able to modify theinformation.

Variable information typically does change each time a product is listedfor resale, and variable information should be updated by theseller/prospective seller. Variable information includes, but is notlimited to, one or more of the following: pricing, condition update,terms of availability, location, shipping terms/options/limitations,and/or any other relevant information.

Product listings also contain historical transactional and ownershipinformation related to previous purchases of the product thataccumulates as the product is sold multiple times throughout its life.The historical transactional and ownership information is stored in andretrieved from the Transaction Database 675. Historical transactionalinformation includes but is not limited to transaction channel, uniquetransaction number, transaction date, seller, buyer,communication/negotiations between seller and buyer, the location of aproduct, the ship method, listing price, transaction price or otherconsideration (if different from listing price), listing fees,commissions, product condition, condition update notes, returns,exchanges, product reviews and other relevant information. TheEXPCommerce 613 updates and appends the historical transactional andownership information each time a product sells, and attaches it to theproduct listing each time a product is listed for resale. Historicaltransactional and ownership information cannot be modified. Theseller/prospective seller may select to hide the historicaltransactional and ownership information, although hiding thisinformation may discourage a potential buyer.

At step 2010, the Listing Module 625 first prompts theseller/prospective seller to update the product listing's information,and the EXPCommerce 613 stores any changes and displays them in theproduct listing when the listing is complete.

At step 2020, the Listing Module 625 then first displays a queryinquiring what type of sale the seller/prospective seller would like tocreate: auction or non-auction. In accordance with an embodiment of thepresent invention, the EXPCommerce 613 supports both fixed-price saleand auction; and a seller can generate a listing to sell a product in an“auction” using the Listing Module 625. If the Listing Module 625receives a reply of an auction to the query of step 2020, the ListingModule 625 invokes the auction processes at step 2022 (see FIG. 4). Ifthe Listing Module 625 receives a reply of a non-auction to the query ofstep 2020, the Listing Module 625 of the EXPCommerce 613 then displays asecond query inquiring whether the seller/prospective seller would liketo create a binding or non-binding product listing at step 2030. TheSeller/prospective seller can create a binding listing in which theseller/prospective seller is obligated to sell the product according tothe terms of the product listing specified by the seller/prospectiveseller. Alternatively, the seller/prospective seller can create anon-binding listing, in which seller/prospective seller may wish toexplore selling the product, but is not obligated to sell the product,and/or can solicit interested prospective buyers to communicate theirinterest in, inquire about, and/or submit purchase offers for theproduct. A non-binding listing can be used by the seller/prospectiveseller to gauge the level of current demand for a product, and influencethe seller/prospective seller to eventually decide to sell the product.The Seller/prospective seller can select to create a non-binding listingwith or without a price, and can select whether or not to display theprice.

If the Listing Module 625 receives “binding” as a response to the queryof step 2030, the Listing Module 625 displays a third query at step 3040inquiring whether the seller/prospective seller would like to receive aprice recommendation. The EXPCommerce 613 can suggest a selling pricebased on at least one of the following criteria: current selling priceof a same or similar product; in the marketplace or other marketplaces,purchase price history of a same or similar product, and/or the productownership history for a same or similar product. In addition, during thelisting process and/or anytime thereafter, the seller/prospective sellercan request and receive information about the prospective buyers, supplyand demand for the product, etc, which may influence theseller/prospective seller to modify the selling price or other terms ofthe listing. If the Listing Module 625 receives an affirmative responseto the query of step 3040, the Listing Module 625 retrieves and displaysprice recommendations at step 3050. If the Listing Module 625 receives anegative response to the query of step 3040 or following step 3050, theListing Module 625 prompts the seller/prospective seller to enter aselling price at step 3060. After the Listing Module 625 receives aselling price, the Listing Module 625 proceeds to step 2100.

If the Listing Module 625 receives “non-binding” as a response to thesecond query (step 2030), the Listing Module 625 displays another queryat step 2035 inquiring whether the seller/prospective seller would liketo enter a selling price. If the Listing Module 625 receives a negativeresponse, Listing Module 625 proceeds to step 2100. If the ListingModule 625 receives an affirmative reply to the query of step 2035, theListing Module 625 displays another query inquiring whether theseller/prospective seller would like to receive a price recommendationat step 2040. If the Listing Module 625 receives an affirmative responseto the inquiry of step 2040, the Listing Module 625 retrieves anddisplays price recommendations at step 2050. If the Listing Module 625receives a negative response to the inquiry of step 2040, or after step2050, the Listing Module 625 then prompts the seller/prospective sellerto enter a selling price at step 2060.

After the Listing Module 625 receives a selling price, the ListingModule 625 displays a query at step 2070 inquiring whether theseller/prospective seller would like to display the selling price. Ifthe Listing Module 625 receives an affirmative response to the inquiryof step 2070, the Listing Module 625 then displays the selling price inthe listing at step 2072. If the Listing Module 625 receives a negativeresponse to the inquiry of step 2070, the Listing Module 625 does notdisplay the selling price in the listing.

After step 2070 or step 3060, or if the Listing Module 625 receives anegative response to the inquiry of step 2035, the Listing Module 625proceeds to step 2100. In step 2100, the Listing Module 625 displays aquery inquiring if there are any conditions about which, when met, theseller/prospective seller would like to be notified. If the ListingModule 625 receives an affirmative response to the inquiry of step 2100,the Listing Module 625 prompts the seller/prospective seller to specifythe notification conditions at step 2110. The seller/prospective sellercan create one or more conditions under which the Communications Module635 should notify the seller/prospective seller. Conditions may includebut are not limited to: a specified or predetermined change in supply ordemand of the product or any other specified product; when/if theproduct has been on the market/available for sale for a specified periodof time; when a prospective buyer specifies to be notified now or atsome time in the future regarding a seller/prospective seller's product;qualifications of a prospective buyer, including feedback rating,geographic location, transactional history. If the Listing Module 625receives a negative response to the inquiry of step 2100, or after theseller/prospective seller has specified conditions in step 2110, thelisting is completed at step 2115.

The EXPCommerce 613 supports both fixed-price sale and auction. Theseller/prospective seller can generate a listing to sell a product in anauction using the Listing Module 625. Auctions can occur withinEXPCommerce or on a third-party auction platform such as but not limitedto eBay®, Ubid®, Yahoo!® Auctions, Amazon Auctions®, and Overstock.comAuctions^(SM), or an offline auction, whether live in person or viatelephone or mail or any other industry standard method of conducting anauction.

If the Listing Module 625 receives a reply of an auction to the query ofstep 2020, the Listing Module 625 invokes the auction processes at step2022. FIG. 4 is a flow chart detailing the process of creating anauction in accordance with an exemplary embodiment of the presentinvention. The seller/prospective seller can choose to initiate anauction for a product when a specified number of prospective buyers,with or without qualifications specified by the seller/prospectiveseller, register to participate in the auction for a product. Theauction specification can be modified if the seller/prospective sellerso desires. For example, the seller/prospective seller can choosewhether or not to make known the select number of registered prospectivebuyers required to initiate the auction, as well as whether or not tomake known the specified prospective buyer qualifications. In analternate embodiment of the present invention, the seller/prospectiveseller can initiate an auction without prospective buyer registration.

At step 3000, the Listing Module 625 displays a query inquiring if theseller/prospective seller would like to select the number of prospectivebuyers, with or without qualifications, which must register toparticipate in the auction prior to commencing the auction. If theListing Module 625 receives an affirmative response to the inquiry ofstep 3000, the Listing Module 625 then prompts the seller/prospectiveseller at step 3010: to specify the number of prospective buyersrequired to register for the auction prior to the commencement of theauction; to specify any qualifications of the prospective buyers tochoose whether or not to make known the select number of registeredprospective buyers required to initiate the auction; and whether or notto make known the specified prospective buyer qualifications. TheEXPCommerce System 613 notifies the seller/prospective seller when thespecified number of qualified prospective buyers has registered. Duringstep 3010 or at any time thereafter, the seller/prospective seller canalso choose to receive additional notifications according to conditionsspecified by the seller/prospective seller. For example, theseller/prospective seller can choose to be notified: each time aprospective buyer registers regardless of the qualifications of theprospective buyer; each time a prospective buyer with selectqualifications registers; each time a certain number of prospectivebuyers registers, etc. The seller/prospective seller can modifycommunication conditions at any time thereafter.

If the Listing Module 625 receives a negative response to the inquiry ofstep 3000, or after the Listing Module 625 receives a specified numberof prospective buyers required to register for the auction and/orspecified qualifications of the prospective buyers at step 3010, theListing Module 625 displays a query at step 3020 inquiring if theseller/prospective seller would like to receive price recommendations.In an exemplary embodiment of the present invention, the EXPCommerce 613can provide price recommendations based on but not limited to at leastone of the following: current selling price of the same or similarproduct in the marketplace or other marketplaces; purchase price historyof the same or similar product; and/or the product ownership history forthe same or similar product.

If the Listing Module 625 receives an affirmative response to theinquiry of step 3020, the Listing Module 625 retrieves and displays oneor more price recommendations at step 3030. If the Listing Module 625receives a negative response to the inquiry of step 3020 or after theListing Module 625 retrieves and displays one or more pricerecommendations at step 3030, the Listing Module 626 then prompts theseller/prospective seller at step 3040 to complete the auction listingby entering additional auction information. The auction information caninclude but is not limited to: the auction site, the start date/time,duration, minimum bid, buy-it-now price, reserve price if any, whetheror not to hide the reserve price, whether the auction listing is bindingor non-binding, and other relevant information. The Listing Module 625records these values and the auction listing is complete at step 3038.

While the present invention has been particularly described with respectto the illustrated embodiments, it will be appreciated that variousalterations, modifications and adaptations may be made based on thepresent disclosure, and are intended to be within the scope of thepresent invention. It is intended that the appended claims beinterpreted as including the embodiments discussed above, those variousalternatives which have been described and all equivalents thereto.

1-135. (canceled)
 136. A computer implemented method for generatingmultiple buy/sell transactions during or prior to a completion of abuy/sell transaction of an item, comprising the steps of: querying auser3 to buy the item from a user2 before or during a purchase of theitem by the user2 from a user1 via a client device associated with theuser3 by a creation module of a server over a communications network;receiving a request to buy the item from the client device associatedwith the user3 before or during the purchase of the item by the user2from the user1 by a transaction module of the server over thecommunications network; storing the request to buy the item from theuser3 in a database; and processing the request received from the user3by the transaction module of the server to purchase the item from theuser2 before the user2 completes a buy/sell transaction of the item withthe user1, thereby facilitating multiple buy/sell transactions prior tothe completion of or during the buy/sell transaction of the item betweenthe user2 and the user1.
 137. The method of claim 136, furthercomprising the steps of generating a binding or non-binding offer to buybased on the request received from the user3 by a listing module of theserver; and storing the binding or non-binding offer to buy in thedatabase.
 138. The method of claim 137, further comprising the step ofpublishing the binding or non-binding offer to buy in an electronicmarketplace.
 139. The method of claim 136, further comprising the stepof transmitting a resale data to the client device associated with theuser3 by a listing module of the server over the communications network,the resale data comprising at least one of the following information ofthe item or a related item: item information, item condition, itemreviews, previous listing prices, previous transaction prices, currentselling prices, supply and demand of the item.
 140. A computerimplemented method for generating multiple buy/sell transactions duringor prior to a completion of a buy/sell transaction of an item,comprising the steps of: receiving a query to buy the item from a user2before or during a purchase of the item by the user2 from a user1 by aclient device associated with a user3 from a creation module of a serverover a communications network; transmitting a request to buy the itembefore or during the purchase of the item by the user2 from the user1 toa transaction module of the server by the client device associated withthe user3 over the communications network; receiving a confirmation overthe communications network by the client device associated with theuser3 from the transaction module of the server that the user3's requestto buy the item before the purchase of the item by the user2 from theuser1 has been processed by the transaction module of the server,thereby facilitating multiple buy/sell transactions prior to thecompletion of or during the buy/sell transaction of the item between theuser2 and the user1.
 141. The method of claim 140, further comprisingthe step of receiving binding or non-binding offers to buy or sell froma listing module of the server by a plurality of client devices, eachclient device associated with a unique user, over the communicationsnetwork.
 142. The method of claim 140, further comprising the step ofreceiving a resale data from a listing module of the server by theclient device associated with the user3 over the communications network,the resale data comprising at least one of the following information ofthe item or a related item: item information, item condition, itemreviews, previous listing prices, previous transaction prices, currentselling prices, supply and demand of the item.
 143. A system forgenerating multiple buy/sell transactions during or prior to thecompletion of a buy/sell transaction of an item, comprising: a pluralityof client devices connected to a communications network, each clientdevice associated with a unique user; and a server connected to thecommunications network and comprising: a creation module for querying auser3, via a client device associated with the user3, to buy the itemfrom a user2 before or during a purchase of the item by the user2 from auser1; a database for storing the request to buy the item from theuser3; and a transaction module for receiving a request to buy the itemfrom the client device associated with the user3 before or during thepurchase of the item by the user2 from the user1, and processing therequest received from the user3 to buy the item from the user2 beforethe user2 completes a buy/sell transaction of the item with the user1,thereby facilitating multiple buy/sell transactions prior to thecompletion of or during the buy/sell transaction of the item between theuser2 and the user1.
 144. The system of claim 143, wherein the serverfurther comprises a listing module for generating a binding ornon-binding offer to buy based on the request received from the user3;and wherein the database stores the binding or non-binding offer to buy.145. The system of claim 144, wherein the server publishes the bindingor non-binding offer to buy in an electronic marketplace.
 146. Thesystem of claim 143, wherein a listing module of the server transmits aresale data to the client device associated with the user3 over thecommunications network, the resale data comprising at least one of thefollowing information of the item or a related item: item information,item condition, item reviews, previous listing prices, previoustransaction prices, current selling prices, supply and demand of theitem.
 147. The system of claim 143, wherein the client device is apersonal computer, a personal digital assistant, a web-enabled handhelddevice, or a phone.
 148. The system of claim 143, wherein thecommunications network is Internet.
 149. A non-transitory computerreadable medium comprising computer executable code for generatingmultiple buy/sell transactions during or prior to a completion of abuy/sell transaction of an item, the code comprising instructions for:querying a user3 to buy the item from a user2 before or during apurchase of the item by the user2 from a user1 via a client deviceassociated with the user3 by a creation module of a server over acommunications network; receiving a request to buy the item from theclient device associated with the user3 before or during the purchase ofthe item by the user2 from the user1 by a transaction module of theserver over the communications network; storing the request to buy theitem from the user3 in a database; and processing the request receivedfrom the user3 by the transaction module of the server to purchase theitem from the user2 before the user2 completes a buy/sell transaction ofthe item with the user1, thereby facilitating multiple buy/selltransactions prior to the completion of or during the buy/selltransaction of the item between the user2 and the user1.
 150. Thecomputer readable medium of claim 149, wherein the computer executablecode further comprises instructions for generating a binding ornon-binding offer to buy based on the request received from the user3 bya listing module of the server; and storing the binding or non-bindingoffer to buy in the database.
 151. The computer readable medium of claim150, wherein the computer executable code further comprises instructionsfor publishing the binding or non-binding offer to buy in an electronicmarketplace.
 152. The computer readable medium of claim 149, wherein thecomputer executable code further comprises instructions for transmittinga resale data to the client device associated with the user3 by alisting module of the server over the communications network, the resaledata comprising at least one of the following information of the item ora related item: item information, item condition, item reviews, previouslisting prices, previous transaction prices, current selling prices,supply and demand of the item.
 153. A non-transitory computer readablemedium comprising computer executable code for generating multiplebuy/sell transactions during or prior to a completion of a buy/selltransaction of an item, the code comprising instructions for: receivinga query to buy the item from a user2 before or during a purchase of theitem by the user2 from a user1 by a client device associated with auser3 from a creation module of a server over a communications network;transmitting a request to buy the item before or during the purchase ofthe item by the user2 from the user1 to a transaction module of theserver by the client device associated with the user3 over thecommunications network; receiving a confirmation over the communicationsnetwork by the client device associated with the user3 from thetransaction module of the server that the user3's request to buy theitem before the purchase of the item by the user2 from the user1 hasbeen processed by the transaction module of the server, therebyfacilitating multiple buy/sell transactions prior to the completion ofor during the buy/sell transaction of the item between the user2 and theuser1.
 154. The computer readable medium of claim 153, wherein thecomputer executable code further comprises instructions for receivingbinding or non-binding offers to buy or sell from a listing module ofthe server by a plurality of client devices, each client deviceassociated with a unique user, over the communications network.
 155. Thecomputer readable medium of claim 153, wherein the computer executablecode further comprises instructions for receiving a resale data from alisting module of the server by the client device associated with theuser3 over the communications network, the resale data comprising atleast one of the following information of the item or a related item:item information, item condition, item reviews, previous listing prices,previous transaction prices, current selling prices, supply and demandof the item.